The Malthusian population trap model has been criticized on the grounds that it
(a) ignores the role of technological progress.
(b) assumes that population growth is primarily determined by individual choice over the number
of children to have.
(c) both (a) and (b) are correct.
(d) neither (a) nor (b) is correct.
A
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People who failed to look for a job are classified as
A. unemployed. B. underemployed. C. out of the labor force. D. part time employed.
Suppose the market demand for milk is Qd = 150 - 5P. Additionally, suppose that a dairy's variable costs are VC = 2Q2 (where Q is the number of gallons of milk produced each day), its marginal cost is MC = 4Q and there is an avoidable fixed cost of $50 per day. In the long run there is free entry into the market. Suppose the demand for milk doubles. If in the short run the number of firms is fixed and their fixed costs are sunk, the short run market supply function is:
A. Qs = 40P if price is greater than $20. B. Qs = P/4 if price is greater than $20. C. Qs = 2.5P if price is greater than $20. D. Qs = 300 - 10P for all prices.
Ricardian equivalence can be said to hold if:
a. taxation has greater effect on private spending than government borrowing. b. taxation has a lesser effect on private spending than government borrowing. c. government borrowing does not affect private consumption while taxation has a negative impact on private consumption. d. government spending activities financed by taxation and those financed by borrowing have the same effect on private spending. e. government spending activities financed by taxation and those financed by borrowing have no effect on private spending.
The Fed has a monopoly on printing paper currency in the United States
Indicate whether the statement is true or false